The Hindu Business Line : India, a distant second in emissions trading

Chennai, Sept 5 UN Certified Emission Reductions (CERs) accepted for trade by the European Climate Exchange traded at an average price of €22.50 a tonne in July against a measly €2.5 three years ago. However, after netting for costs of compliance and intermediation, annual or lumpsum gains are likely to have been smaller for many of the companies that helped India increase its CERs from 7.6 million tonnes in 2006 to 35.8 mt in July 2009.

A quick scan of the list of approved projects, which runs into 59 hyper-linked Web pages, suggests that at the end of the day, one out of every two Indian projects walked away with less than 50,000 CERs apiece.

Three years ago, just two companies, SRF (with 3.8 million tonnes) and Gujarat Fluorochemicals (with 3 mt), accounted for 90 per cent of India’s CERs. The remaining 26 projects notched up an average of 30,000 tonnes.

Things have improved since then. India now has 444 projects to its credit, and clubbing the small projects with the big ones, the average CERs have gone up to 80,000 tonnes. China’s 588 projects, on the other hand, averaged 300,000 CERs apiece. As a result China bagged almost 60 per cent of developing country carbon credits (excluding ‘cap and trade’ credits generated in developed countries), while India had to rest content with 12 per cent.

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